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| Flats 130 at Constitution Square, Washington, DC |
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| Stephen Conley |
WASHINGTON, DC – HFF announced it has closed the sale of Flats
130 at Constitution Square, a 643-unit, Class A multi-housing community
with a 50,000-square-foot Harris Teeter grocery store and 2,708 square feet of
ground-floor retail in Washington, D.C.’s NOMA neighborhood.
HFF
marketed the property on behalf of the seller, a joint venture between
StonebridgeCarras and an affiliate of Walton Street Capital, L.L.C. (“Walton
Street”). TIAA-CREF purchased the
asset.
Flats
130 at Constitution Square is located at the intersection of 1st and M Streets,
NE adjacent to the NoMa-Gallaudet U Metrorail station.
Completed in two phases between 2010 and 2013, the
property’s ground-floor retail space is anchored by a 50,000-square-foot Harris
Teeter supermarket.
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| David Nachison |
The amenity-rich community includes a rooftop swimming pool,
rooftop grilling/picnic areas, two-story fitness center with yoga studio, club
room with pool tables and game room, expansive courtyards, dog park, concierge
service, and rooftop views of the US Capitol, Washington Monument, Union Square
and the Library of Congress.
Flats 130 is located within the 2.5 million-square-foot,
LEED-ND Gold certified Constitution Square mixed-use development, which
includes office, retail, residential and hotel space.
The
HFF investment sales team representing the seller was led by executive managing
director Stephen Conley, senior managing directors Dave Nachison
and Alan Davis, associate directors Brenden Flood and Bret
Thompson.
“Flats
130 is one of the highest quality residential buildings in the District
positioned within the NoMa neighborhood that is widely regarded as one of
Washington, D.C.’s most up-and-coming locales,” said Davis.
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| Alan Davis |
“TIAA-CREF clearly recognized in Flats 130 the very attractive
combination of a trophy quality asset with immediate metro access and potential
for outsized growth with an increasing number of residents, employers and
retailers looking to call NoMa home,” added Nachison.
StonebridgeCarras is a privately-held real
estate investment and development firm based in Bethesda, Maryland focusing
primarily on developing mixed-use properties in the Washington, D.C.
metropolitan region.
During the past 20
years, the principals of StonebridgeCarras, LLC have been involved in the
acquisition, development, joint venture, financing, and disposition of real
estate assets in the Washington area exceeding $5 billion in value.
Walton Street is a private equity real estate investment firm based in
Chicago. Since its founding in 1994,
affiliates of Walton Street have received total equity commitments of more than
$8.3 billion from public and corporate pension plans, foreign institutions,
insurance companies and banks, endowments and foundations, trusts, and
high-net-worth individuals.
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| Brenden Flood |
Through its
affiliates, Walton Street has invested and/or committed to invest $7.5 billion
of equity in more than 275 separate transactions in U.S. and international real
estate, including the development and acquisition of office, hotel, retail,
industrial, multifamily, for-sale residential, senior and student housing,
gaming and other assets through both individual, portfolio and company-level
transactions with a gross asset cost of more than $21 billion.
TIAA-CREF (www.tiaa-cref.org) is a national financial
services organization with $840 billion in total assets under management (as of
10/1/2014) and is the leading provider of retirement services in the academic,
research, medical and cultural fields.
TIAA-CREF Individual & Institutional Services, LLC, Teachers
Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA
and SIPC, distribute securities products. C20775
For a complete copy of the company’s news release, please
contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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